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Question
What are the most common myths about small businesses? What are the facts that contradict these myths?For years potential entrepreneurs have mentioned problems like these:
Answer
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A grant by the U.S. government to an inventor for an idea that is new, useful, and nonobvious, giving the inventor the exclusive right to make, use, or sell his or her idea is called a:A. trade secret.B. copyright.C. trademark.D. patent.
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Which of the following dispute resolution methods is the least expensive and much faster to complete?
A. Litigation
B. Arbitration
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Which federal law describes the steps publicly traded businesses must take to protect and provide their key financial information?
A. Service Contract Act
B. Sarbanes-Oxley Act
C. Walsh-Healey Public Contracts Act
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A(n) _____ refers to a contract among LLC members outlining how the LLC will conduct itself.
A. operating agreement
B. mission statement
C. charter
D. articles of incorporation
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Which of the following is true of a limited liability company (LLC)?
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D. It cannot have more than one owner.
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Which of the following is true regarding a small-claims court?
A. These courts will only accept cases where the stakes are as large as $50,000 or above.
B. Most of these courts are designed so that ordinary citizens can bring their cases in.
C. This legal option is only available to entrepreneurs who can afford an attorney.
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When using a(n) _____, the attorney will be paid a specified amount every month regardless of the workload for that month.
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B. flat fee
C. retainer
D. contingency fee
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By agreeing to an exculpatory clause in a contract, one party is agreeing not to hold the other responsible for his or her actions.
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All business contracts have to be in writing to be enforceable.
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In a professional corporation, the shareholders are responsible for debts of the corporation.
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The name of a business can be called its doing business as (dba) name.
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Contingency fees are a fixed amount paid for a certain task.
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Describe the advantages and disadvantages of a sole proprietorship.
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Which of the following statements is true regarding a trademark?
A. A trademark can sometimes also function as a service mark.
B. A trademark once granted lasts for 25 years.
C. A trademark can only be renewed every 5 years.
D. A trademark is not an exclusive right to its creator.
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A _____ is a type of intellectual property, not created by the government but is information known to certain people in a company that makes that company more competitive.A. copyrightB. trade secretC. patentD. trademark
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The Nike "swoosh" is an example of a _____.A. trade secretB. copyrightC. trademarkD. patent
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A. life insurance
B. medical insurance
C. credit insurance
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_____ repay employers for losses caused by dishonest or negligent employees.
A. Credit insurance
B. Business interruption insurance
C. Surety bonds
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Insurable value is defined as:
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B. the entire value of the property of a business.
C. the value of the historical significance of a building.
D. the amount of fees that a business has to pay to an insurance company.
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A contract between two or more parties in which one party agrees, for a fee, to assume the risk of another is called _____.
A. coverage
B. insurance
C. separation of duties
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Which of the following statements is true regarding the OSHA Act?
A. It covers employees in mining, transportation, and state and local governments.
B. OSHA offers consultation services to employers for a fee.
C. It requires businesses to report any accidents that result in a fatality or in the hospitalization of three or more employees within 24 hours.
D. OSHA-defined "low-hazard" industries are exempt from the record keeping requirements of the regulations.
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B. She must set up a system that reports any workplace accident within 72 hours.
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D. She must make her employees aware of all the EEOC rules that pertain to her business.
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A. Employee collusion
B. Employee intoxication
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A type of internal control that separates the physical control of an asset from the person accounting for that asset is called _____.
A. asset liability
B. adverse possession
C. separation of duties
D. separation of liabilities